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CIC - Multi Line Casualty > Abbreviations - All Sections > Flashcards

Abbreviations - All Sections Flashcards

1
Q

LUV WAC

A

Luv working as a contractor but property not covered is WACK

Contractors Equipment - Property Not Covered

  • Leased / Rented / Loaned to others
  • Underground Ops
  • Vehicles
  • Waterborne Property
  • Air or Watercraft
  • Cotnraband
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2
Q

NEEPRS

A

Contractors Equipment - Supp Coverages

Newly Purchased Property
Employee Tools
Equipment Leased or Rented from Others
Pollutant Cleanup and Removal
Rental Reimbursement
Spare Parts and Fuel

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3
Q

CNW + 2MC TP vwl

A

Contractors Equipment Group 1 and 2 Exclusions

Civil authority
Nuclear hazard
War and military action

Group 2
Mechanical Breakdown
Missing Property
Contamination or deterioration
Criminal, fraudulent, dishonest and illegal acts
Temperature / Humidity
Pollutants
Wear and Tear
Voluntary Parting
Loss of Use

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4
Q

PIAAA

A

Property in AAA (transit by common carrier)

Transportation - 5 Exceptions to Strict Liability

Public authority
Inherent vice or nature of goods being shipped
Acts of god / nature
Acts of public enemy
Acts or defaults of the shipper

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5
Q

PEACH SCMM

A

Transportation - Property not Covered

Property in storage
Exports and imports
Animals
Contraband
High value items
Samples from sales reps
Carrier for hire or lease
Mail shipments
Money and securities

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6
Q

CNW & M 2C TP VWLS

A

TRANSPORTATION - GROUP 1 AND 2 EXCLUSIONS

Group 1
Civil Authority
Nuclear hazard
War and military action

Group 2
Missing property
Contamination or deterioration
Criminal, fraudulent, dishonest
Temperature / humidity
Pollutants
Voluntary Parting
Wear and Tear
Loss of use
Spoilage

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7
Q

FAV JAM WC

A

Bailee Coverage - Property Not Covered

Furs or fur trimmed garments
Aircraft or watercraft
Vehicles
Jewelry
Accepted property by a processor without a charge for services
Money and securities
Waterborne property
Contraband

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8
Q

CNFEWS + 2MCTP WEL

A

Bailee Coverage - Exclusions Group 1 and 2

Group 1
Civil Authority
Nuclear hazard
Flood
Earthquake
War
Sewer backup and water below surface

Group 2
Mechanical Breakdown
Missing Property
Contamination or deterioration
Criminal, fraudulent, illegal
Temperature and humidity
Theft from unattended vehicle
Pollutants
Processing work
Wear and tear
Electrical currents
Loss of use

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9
Q

WWWBLINN

A

EPLI - 8 Types of Workplace Torts

Wrongful or negligent evaluations, criticisms, demons, discipline
Wrongful deprivation of a career opportunity
Wrongful detention or imprisonment
Bullying, humiliation, infliction of emotional distress
Libel, slander, defamation of character
Invasion of privacy
Negligent hiring practices
Negligent supervision

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10
Q

SPLEEN

A

WHO IS AN INSURED EPLI
Spleen is part of the of the body (of the policy ) that regulates blood( how things in workplace should be )

  • Spouses
    Partners and members of partnerships or joint ventures
    LLC Members and managers
    Executive officers and directors of other orgs
    Employees and former employees
    Newly acquired org subject to limitations
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11
Q

3WB 2PVC AS

A

EPLI Exclusions
WC and similar laws
Wage and hour defense costs
Wage and hour related violations
BI and PD
Breach of written employment contract
BioMetric Identifiers
Prior or pending litigation
Prior notice
Violation of certain laws
Violation of employee privacy
Criminal / fraudulent / malicious acts
Contractual Liability
ADA Violations
Strikes / Lockouts

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12
Q

OG SCAMM

A

Builders Risk - Who’s Interests are Covered

Owner of Project
General Contractor
Subcontractors (of every tier)
Construction manager
Architects and engineers
Material suppliers
Mortgagees and lenders

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13
Q

CT PROWLS

A

The construction thief prowls and looks for property not covered
Builders Risk - Property Not Covered

Contraband
Trees, shrubs, plants (limited)
Property not a permanent part of building
Roadways and walkways more than 1k feet
Other property
Waterborne property
Land
Standing or existing building (endt available)

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14
Q

FF WEED

A

Builders Risk - Coverage Extensions

Extensions for future weeds in construction property

Fraud and deceit
Fungus (limited)
Waterborne property
Emergency removal
Emergency removal expenses
Debris removal

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15
Q

STTTEEPP ROOF

A

Builders Risk - Supplemental Coverages
- Sewer backup
Temp storage locations
Transit
Trees and shrubs
Expediting expenses
Expense to re-erect scaffolding
Pollutant cleanup and removal
Personal property
Rewards
Ordinance or law (undamaged part of building)
Ordinance or law (increased cost to repair and cost to demolish / clear site)
Fire department service

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16
Q

CNFEWS + OF

A

INSTALLATION & Builders Risk Group 1 Coverages

Civil Authority
Nuclear Hazard
Flood
Earthquake
War
Sewer Backup and Water Below Surface
Ordinance and a Law (in Supp)
Fungus (in extend)

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17
Q

2MC TP WELDDS

A

INSTALLATION AND Builders Risk - Group 2 Exclusions (same as Bailee but minus Processing work and theft from unattended vehicle and plus defects errors and omissions, delays in completion and increased construction costs, and Steam Boiler explosion)

Mechanical Breakdown
Missing Property
Contamination or Deterioration
Criminal Fraudulent Illegal
Temperature and humidity
Pollutant
Wear and tear
Electrical currents
Loss of use
Defect errors and omissions
Delays in completion and increased construction costs
Steam boiler explosion

18
Q

CCIIAA

A

Builders Risk - When Coverage Ceases

Cancelled or expired
Completed building / structure for 90 days
Insurable interest ceases
Intended use starts
Abandon with no intent to complete
Accepted by purchaser

19
Q

FLAPPD

A

Builders Risk - Additional Construction Expenses

Financing
Lease administration
Advertising
Permits fees
Professional fees
Design fees

20
Q

IIRL

A

Builders Risk - Soft Costs

Interest payments
Realty taxes
Lease expenses
Insurance premiums

21
Q

ABCMTW

A

Installation - Property Not Covered

Airborne property
Buildings, structures, and land
Contraband
Machinery, tools or equipment
Trees, shrubs and plants
Waterborne property

22
Q

PSTT

A

Installation - Supp coverages

Polutant cleanup and removal
Sewer backup
Temporary storage locations
Transit

23
Q

REEPH

A

Crime - designated persons to discover loss

Risk manager
Elected officer
Employee benefit plan admin / trustee
Partner, LLC member, LLC manager, director or trustee
Highest ranking employee at the premise

24
Q

LEFT MIND

A

Crime - Fidelity - who can be a thief

Leased workers
EB plan natural persons
Former employees, partners, LLC members etc
Temp workers
Merger or acquisition natural persons
Interns and guest students
Natural persons whom the insured compensates or has the right to direct or control. 30 days after coverage
Directors, trustees or LLC managers while working or directing

25
Q

AAA KITE VID WC

A

Crime Exclusions

  • Acts committed by You, Your partners, or Members (Exception for ERISA Plan Official Dishonesty)
  • Acts committed by Your Employees, ERISA Plan Officials, Managers, Directors, Trustees or Representatives (Exclusion Doesn’t apply to any Fidelity Coverages)
  • Acts Committed by Your Employees or ERISA Plan Officials Prior to the Policy Period (can’t rehire someone that has stolen in the past)
  • Kidnap, Ransom, Extortion and Other Unlawful Demands
  • Indirect Loss: No BI or EE coverage, just compensatory
  • Trading: Can add back coverage but for stock and commodity trading
  • ERISA Employee Benefit Plan: Only that coverage section applies
  • Virtual Currency
  • Inventory Shortages: Need more evidence than just shortage
  • Data Security Breach (cyber)
  • Warehouse Receipts (can add endt)
  • Confidential or Personal Information (cyber)
26
Q

CAFE I

A

5 Additional Exclusion - Computer and Funds Transfer

Credit card transactions
Authorized access
Fraudulent instruction

Exchanges or purchases

Inventory shortages

27
Q

FEMA VVV

A

Exclusions Applicable to Insuring Agreements 3, 4, and 5 (7)

  • Fire
  • Exchange or Purchases
  • Money-Operated Devices (unless continuously recording amounts in device)
  • Accounting or Arithmetical Errors or Omissions
  • Vandalism
  • Voluntary Parting of Title to or Possession of Property
  • Vehicles or Equipment and Accessories
28
Q

DJ ATL

A

5 Conditions for Crime Policies

You have to be a dj in Atlanta for this crime to apply (condition)

  • Duties in The Event of a Loss (120 days to give detailed account of loss)
  • Joint Venture: First named insured act for all insureds. If one designated person has knowledge of crime, considered that all insureds have knowledge of crime
  • Additional Premises or Employees: will cover for the addition of premises or employees during the policy term and doesn’t require notice
  • Territory: anywhere in the world
  • Limit of Insurance: If applicable under multi insuring agreements, they pay the highest limit between the agreements
29
Q

RISC WC

A

Common Cyber Exposures (6)

  • Regulation: Can have losses in multiple jurisdictions
  • Internet of Things: Variety of devices are now connecting to the internet and allowing access to your network
  • Storage of Data: Data located in a # of different places
  • Credit Card Transactions
  • Websites and Social Media
  • Collection of Private information
30
Q

SPF ABS

A

Cyber- Personal Information Definition (6 Types that are included but not limited to)

Sunscreen on abs is private thing to do

Social security, DL# or state ID
- Protected Health Information
- Financial account #’s
- Any other nonpublic information as defined in privacy regulations
- Biometric data
- Security codes, passwords, PINS associated with credit, debit or charge card #’s that would allow access to financial institution funds

31
Q

FPWINNDER

A

Cyber- First Party Loss Exposures (9)

First party wind ex of exposure

Forensic Analysis

PCIDSS: must go through the Data Security standard to get certification again after a credit card data is compromised

Website Vandalism
Income (business Income): Lost income because data or systems have been compromised

Income (business income)
Notification costs

Negative publicity

Denial of service attacks: Hacker pinging system so much that the vendor can’t sell anything through ecommerce portals

Extortion (cyber) and ransomeware

Repairing or restoring data

32
Q

FP CON

A

First party expenses for when u get cyber conned under agreement A
Cyber Incident or information security breach expense - Coverage Inclusions (5)

Forensic Costs

Public relations firm costs to protect the reputation of the company

Credit monitoring service

Overtime salaries for employees or fees and costs to hire a call center

Notification expenses to affected parties in accordance to privacy regulations

33
Q

WWIRE

A

Cyber - 3rd Party Exposures (5)
Wire fraud (between two parties, 3rd party exposure)
- Wrong recipient
- Website Infected
- Infringement issues (copyright and intellectual property rights)
- Regulatory issues
- Emails infected

34
Q

PIMMP BAWB

A

Cyber Exclusions (9)

  • Payment Card Industry (exception for the Payment Card Industry coverage. Intended to not duplicate coverage)
  • Interruption or Failure of Services (doesn’t pay for loss of electricity or utilities)
  • Material Published with Knowledge of Falsity
  • Music Licensing and Royalties (Only applies to Media Liability
  • Prior Knowledge, Prior Notice, and Prior or Pending Litigation
  • Bodily Injury and Property Damage
  • Act of Nature
  • War
  • Breach of Contract and Assumed Liability
35
Q

CAMP TURF

A

Payment Card industry Costs (4 things it pays, 4 things it doesn’t pay)

Pays

  • Compensatory awards or judgments
  • Assessments (card reissuance costs and fraud recoveries), and contractual fines or penalties under terms of payment card service agreement
  • Monetary Settlements
  • Punitive, exemplary and multiple damages

Doesn’t pay:
- taxes, fines, penalties or assessments imposed by law, other than punitive
- uninsurable (any) amounts that are under the law pursuant
- Restitution, disgorgement, royalties, unjust enrichment, profits insured didn’t earn
- fees - Interchange fees or rates, discount fees, processing fees

36
Q

ABCDE

A

5 Areas where umbrella is Sometimes Broader

(aircraft, boat, coverage territory, definition of BI, Expected or Intended Injury)

Non-Owned Watercraft

Coverage Territory

Expected or inteded injury exclusion

Definition of bodily injury to include mental aguish or mental injury

Non-Owned Aircraft

37
Q

WE CLAP DUPE

A

Exclusions (10)

Watercraft
Employment-Related Practices
Contractual Liability
Liquor Liability
Aircraft
Professional liability
Damage to your work
Uninsured / Underinsured Motorists
Pollution
Electronic Data Liability

38
Q

CCBR

A

1st party cyber insurance agreements
(CCyBeR)
Cyber incident or info security breach
Cyber extortion
Business income
Replacement and Restoration of Data

39
Q

CRMP

A

CybeR Money Payments (to others)
4 3rd party insuring agreements

Cyber incident or info security breach (same)

Regulatory Proceedings Liability

Medial Liability

Payment card industry liability

40
Q

PCMA

A

Payment Card Monetary Amounts
What the payment card industry coverage pays for

Punitivate
Compensatory
Assessments / Fines from card agreement
Monetary

41
Q

TUF P

A

TUFf for Payment card to cover these

Taxes / fines / penalties imposed by law

Uninsurable Amounts

Profit / Advantage

Fees (Discounts / Processing / Etc)

42
Q

DEEP

A

that ad cut me DEEP

Media Liability Coverages
- Defamation / Reputational Harm

Emotional distress / outrage infliction

E&O Statements

Privacy Invasion

CIC - Multi Line Casualty (6 decks)

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